Keefe, Bruyette & Woods Lowers Progressive (NYSE:PGR) Price Target to $210.00

Progressive (NYSE:PGR) had its price objective reduced by stock analysts at Keefe, Bruyette & Woods from $227.00 to $210.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 6.23% from the stock’s current price.

PGR has been the subject of a number of other reports. Bank of America lowered their price target on shares of Progressive from $305.00 to $295.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Mizuho decreased their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Progressive from $214.00 to $217.00 and gave the stock an “equal weight” rating in a report on Thursday, March 19th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $237.44.

Progressive Stock Up 0.7%

PGR traded up $1.31 during trading hours on Tuesday, reaching $197.69. 935,845 shares of the stock traded hands, compared to its average volume of 3,406,212. The firm’s fifty day simple moving average is $204.71 and its two-hundred day simple moving average is $217.23. The company has a market cap of $115.64 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 5.65 and a beta of 0.34. Progressive has a fifty-two week low of $192.02 and a fifty-two week high of $289.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 11,687 shares of company stock worth $2,413,044. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PGR. Davis Capital Management acquired a new position in shares of Progressive in the 3rd quarter valued at about $25,000. Bard Associates Inc. bought a new stake in Progressive in the 4th quarter valued at about $27,000. Dagco Inc. bought a new stake in Progressive in the 4th quarter valued at about $28,000. IFC & Insurance Marketing Inc. bought a new stake in Progressive in the 4th quarter valued at about $29,000. Finally, Ameriflex Group Inc. lifted its position in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.